Saudi Aramco and its local partners have received the first crude cargo for their new refining complex in China, marking a major milestone toward production. The Arabian crude shipment arrived late last week at the complex in Liaoning Province, according to an Aramco statement. The huge refinery is nearing commercial operations as China grapples with oil market fallout from the US-Iran conflict.
The complex will include a 300,000-barrel-a-day refinery and a petrochemical plant with annual production capacity of 1.65 million metric tons of ethylene and 2 million tons of paraxylene. The joint venture, known as HAPCO, is expected to start commercial operations in the first quarter of next year. The cargo was loaded at Saudi Arabia's Juaymah port and discharged by the tanker Kassab.
Industry analysts note the project's significance amid shifting global energy dynamics.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing